In the next few days, owners of more than 374,600 properties throughout Vancouver Island can expect to receive their 2020 assessment notices, which reflect market value as of July 1, 2019.
"The market has stabilized in most areas of Vancouver Island this year," says Vancouver Island Assessor Tina Ireland. "In the south part of Vancouver Island, the majority of residential property values are moving -5% to +5%, while up island the value increases are a little higher. The commercial and industrial markets are generally showing increases over last year's assessments."
BC Assessment collects, monitors and analyzes property data throughout the year.
Overall, Vancouver Island's total assessments increased from about $246 billion in 2019 to $255 billion this year. A total of almost $4.14 billion of the region's updated assessments is from new construction, subdivisions and rezoning of properties. BC Assessment's Vancouver Island region includes all communities located within Greater Victoria, South Island, Central Island, North Island, West Coast, Northern and Southern Gulf Islands and Powell River.
The most expensive home on Salt Spring is number 32 on the Top 100 Most Expensives Homes in the Province at 466 Scott Point Drive with an assessed value of $7,818,000.
"If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a Notice of Complaint (Appeal) by January 31st, for an independent review by a Property Assessment Review Panel," adds Ireland.
The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the Ministry of Municipal Affairs and Housing, and typically meet between February 1 and March 15 to hear formal complaints.
"It is important to understand that changes in property assessments do not automatically translate into a corresponding change in property taxes," explains Ireland. "As indicated on your Assessment Notice, how your assessment changes relative to the average change in your community is what may affect your property taxes."